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Forensic Note Essay

3934 words - 16 pages

Forensic Accounting

Topic 1

Forensic Accounting Practice

* Forensic Accounting and auditors are both concerned with identifying the existence of common risk of factors that results in fraud.
* However, there are differences between audit and forensic accounting.

Differences between audit and forensic accounting

* Audit Standard in addition to the Framework for the preparation and presentation of financial statement are invaluable guidance to forensic accounting.
* Forensic accountants assist auditor in discharging their responsibilities.

Fraud
Definition: Fraud is
* A representation
* About the material point
* Which is false
* And ...view middle of the document...

No offence is committed if the property is obtained without deception.

Obtaining a financial advantage by deception- in section 82, a person who by deception dishonestly obtains for himself or another any financial advantage is guilty of an indictable offence and liable to level 5 imprisonment (10 years maximum)
* Person engaged in deception
* Person did so dishonestly
* Obtain a financial disadvantage or obtained a financial advantage for another
* Financial advantage was obtained by deception

False Accounting- in section 83
* Where a person dishonestly, with a view of gain for himself or another or with intent to cause a loss to another
* Destroys, defaces, conceals or falsifies any account or record or document made or required for any accounting purpose; OR
* In furnishing information for any purpose produces or makes use of any account, or any such record or documents as aforesaid, which to his knowledge is or may misleading, false or deceptive in a material particular.
* Is guilty of an indictable offence and liable in level 5 imprisonment (10 years maximum)
S83(1)(a)
* person destroyed, or defaced, or concealed, or falsified record, account or document
* the records, accounts or document was required or made for an accounting purpose
* The record, account or document was destroyed, or defaced, or concealed, or falsified with a view to gain for person, or another or with intent to cause loss to another
* Person acted dishonestly

S83(1)(b)
* Furnished information
* Produced or made use of any record, account or documents required or made for an accounting purpose.
* Was aware that the record, account, or document was or might be misleading, false or deceptive in a material particular.
* Furnished the information with a view of gain for person r another or with intent to cause a loss to another
* Person acted dishonestly

Anyone could commit fraud once they loose their integrity. For example: people have gambling problems, financial crisis, drug addition.

To calculate the impact,
1) calculate profit margin: profit/ sales
2) use discount fraud loss by profit margin to calculate the extra sales that need to generated to cover the fraud loss: fraud loss/ profit margin

Fraud triangle has a combination of
* Pressure (motivation)
* Opportunity (indicator of poor systems)
* Rationalization (justification)

Fraud will get larger and larger as confidence in the fraud or pressure to sustain the fraud get higher and higher.

The Fraud Scale has a combination of
* Situational pressure
* Opportunity of commits
* Personal Integrity

Pressure can be divided into four groups:
* Financial pressure: greed, living beyond one’s means, high debts, poor credits.
* Vice Pressures: Gambling, Drugs, Alcohol, Expensive extramarital relationship.
* Work Related Pressures
* Other pressures, spouse pressures, life pressures.

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